Agency
In Kansas, what is 'informed consent' in a dual agency situation?
AThe client's verbal agreement to dual agency
BWritten disclosure and voluntary agreement by both buyer and seller after being informed of the conflicts and limitations of dual agency✓ Correct
CThe broker's internal authorization for dual agency
DA court order permitting dual agency in a specific transaction
Explanation
For dual agency to be legal in Kansas, both the buyer and seller must give informed, written consent after the broker fully discloses the dual agency relationship and its limitations — they cannot receive undivided loyalty.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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